金融学前沿-资本结构与股利政策.ppt

,资本结构与股利政策,公司资产负债表,流动资产,固定资产1有形固定资产2无形固定资产,股东权益,流动负债,长期负债,公司应投资于哪些长期资产？,TheCapitalBudgetingDecision（资本预算）,公司资产负债表,公司如何筹集资本性支出所需要的现金？,TheCapitalStructureDecision（资本结构）,流动资产,固定资产1有形固定资产2无形固定资产,股东权益,流动负债,长期负债,公司资产负债表,债务与股权,TheCapital-StructureQuestionandThePieTheory,Thevalueofafirmisdefinedtobethesumofthevalueofthefirmsdebtandthefirmsequity.V=B+S,ValueoftheFirm,S,B,Ifthegoalofthemanagementofthefirmistomakethefirmasvaluableaspossible,thethefirmshouldpickthedebt-equityratiothatmakesthepieasbigaspossible.,CurrentAssets$8,000Debt$0Equity$8,000Debt/Equityratio0.00Interestraten/aSharesoutstanding400Shareprice$20,Proposed$8,000$4,000$4,0001/110%200$20,FinancialLeverage,EPS,andROE,Consideranall-equityfirmthatisconsideringgoingintodebt.(Maybesomeoftheoriginalshareholderswanttocashout.),AssumptionsoftheModigliani-MillerModel,HomogeneousExpectationsHomogeneousBusinessRiskClassesPerpetualCashFlowsPerfectCapitalMarkets:PerfectcompetitionFirmsandinvestorscanborrow/lendatthesamerateEqualaccesstoallrelevantinformationNotransactioncostsNotaxes,EPSandROEUnderBothCapitalStructures,LeveredRecessionExpectedExpansionEBIT$400$1,200$2,000Interest400400400Netincome$0$800$1,600EPS$0$4.00$8.00ROA5%15%25%ROE0%20%40%ProposedSharesOutstanding=200shares,All-EquityRecessionExpectedExpansionEBIT$400$1,200$2,000Interest000Netincome$400$1,200$2,000EPS$1.00$3.00$5.00ROA5%15%25%ROE5%15%25%CurrentSharesOutstanding=400shares,TheMMPropositionsItaxonequity=tpeandtaxondebt=tpd,MMpropositionIwithalltaxes,Cashflowafteralltaxesis,DiscountaftertaxcashflowsatappropriateratestofindvalueForallequityfirm,usethecorrespondingdiscountrateFordebt,shouldbe(1-tpd)rD,MMpropositionIwithcorporateandpersonaltaxes,Taxes(Personal&Corporate),RelativeTaxAdvantageOverDebt,权衡理论（Trade-offTheory）,FinancialDistressCosts,FinancialdistressSignificantproblemsinmeetingdebtobligationsMostfirmsthatexperiencefinancialdistressdonotultimatelyfileforbankruptcyDirectcostsBankruptcyCostLegalandadministrativecostsUltimatelycausebondholderstoincuradditionallossesDisincentiveto(limit)debtfinancing,FinancialDistressCosts,IndirectcostsLargerthandirectcosts,butmoredifficulttomeasureandestimateStockholderswanttoavoidaformalbankruptcyfilingBondholderswanttokeepexistingassetsintactsotheycanatleastreceivethatmoneyAssetslosevalueasmanagementspendstimeworryingaboutavoidingbankruptcyinsteadofrunningthebusinessThefirmmayalsolosesales,experienceinterruptedoperationsandlosevaluableemployees,FinancialDistress,Debt,Marketvalueofthefirm,Valueofunleveredfirm,PVofinteresttaxshields,Costsoffinancialdistress,Valueofleveredfirm,Optimalamountofdebt,Maximumvalueoffirm,NewCapitalStructureTheory,AsymmetricInformationAssumptionManagementcontrolsmuchmoreinformationaboutthefirmthandoinvestors.SignalingModel-RossModel(byDebtRatio)-PeckingOrderTheory(negativeeffectofsignals),RossModel,DebtratioisatooltotransferinsideinformationAnincreaseddebtratioshowsthemanagersgoodexpectationforthefirmHence,higherdebtratiobecomesagoodsignalforthefirmsoperatingquality,PeckingOrderTheory,Commontypeoffinance(%),investmentsfirstfinancedwithinternalfunds(financialslack)newdebtnewequitysafestsecurityfirstadverseselectioncost,egusedcarsifsecurityissensitivetonewinfo,thenriskydebtbasedoncollateral,henceeasiertovaluenowelldefineddebt/equitymix,PeckingOrder,Whyisdebtpreferredtoequity?Managementoptimisticoncompanywillissuedebt-signalsequityundervaluedManagementpessimisticoncompanywillissueequityasconsidersequityovervalued-signallingthatthestockisovervaluedTheissueofequitywilldrivedownstockprice-adverseselection,PeckingOrderexternalfinancing,股利政策,股利政策概述一、股利的种类股利（dividend)可以有以下分类：1、按发放的内容：现金股利(cashdividend)：公司向股东支付现金。股票股利(stockdividend)：公司向股东支付股票红利，发行在外的股票数量增加财产股利（Propertydividends）证券股利实物股利（Propertydividends）,2、按发放的形式：规则的现金股利：美国公司通常一个季度一次。额外股利：预期之外发放的股利3、按股利的来源：正常股利：利润的分享，即来源于当期利润或累计的留存收益。清算性股利(liquidatingdividend)：资本的分配(distribution),二、发放现金股利的程序股利公告日：公司董事会宣布发放现金股利股权登记日；可以享有现金股利分配权的最后的股票买入日除息日：扣除红利后的股票价格调整日股利支付日：资格的股东接收到现金股利理论上，除息后股票价格将下跌。如果不考虑税，则其下跌金额正好等于股利额。如果考虑个人所得税，不考虑资本利得税，股票价格的下跌额小于股利额,三、公司股利政策类别剩余股利政策。税后利润首先用于满足公司投资资金的需求，剩余者用于发放现金股利。稳定现金股利额政策。各期现金股利保持稳定，不减少，也不轻易增加。稳定现金股利率政策。每年在税后利润中提取固定比例的利润用于发放现金股利。正常股利加额外股利政策。除按稳定数额发放现金股利外，在公司有较多现金时，增发一部分额外股利。,股利政策理论,两鸟在林比如一鸟在手论(Abirdinthehandisworthtwointhebush)：现金股利比资本利得具有更强的确定性，因此更受股东欢迎。所得税效应论：由于资本利得的所得税税率低于现金股利的所得税税率，所以少发放现金股利有利于提高股东财富的价值。投资者类别效应：补